WillowTree
Diamond Member
- Sep 15, 2008
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- #61
borrowed.....
even so, are not even the tip of the iceburg...they did not buy subprime, adjustable loans, their charter does not permit such, their charter only permists conventional 30 year mortgages for the most part....they did go in to buy some mortgaged backed securities several years after the other banks had been packaging and selling them off to the world... that did have some risky loans as a part of them, but these were RATED AAA, so they were not suppose to be risky, this was not their fault, but the fault of the banks that paid these agencies to rate them....and the fault of their private owners pushing them to get in on all of this easy money that all the other banks were making off of this business, so that did lead to buying some conventional mortgages that did not have money down for them, but again, this was later in the game and after the mortgage companies and banks had been funding this upswing.
Just so you know, none of these other banks and mortgage companies had a charter to sell to the poor or any kind of requirement to do such and fannie and freddie is not who was buying their loans that were risky in the first place...they were putting them in to securities and selling them off ot others...NOT FANNIE and freddie....
These banks kept trying to beat their previous years sales so each year they became more creative and more and more laxed in their mortgage standards and the mortgages they bought from these fly by night mortgage companies...the banks GREED and/ or stupidity due to greed is what drove this risky business, and NOTHING ELSE.
Care
so fannie and freddie are guiltless, they gave mortgages only to those who could repay them, did not sell off toxic paper nor buy toxic paper, everything at fannie and freddie were on the up and up,, and nothing at all was amiss? do I read you right??? then why did we have to bail said fannie and freddie out to the tune of 400 billion dollars doyathink... ????? HUH? hello,, you got your head so far up your ass I bet you can do a flouoscopy on yer tonsils!
I didn't say they were guiltless...they probably would have jumped on board earlier, if they could have, they were so jealous of the market share that these other banks were capturing of the mortgage market....
BUT THEY WERE BEING INVESTIGATED in 2003 for other crimes and wrong doings and were being watched like a hawk and being scrutinized for other bad decisions of thiers, SO THEY COULDN'T.
Plain out unadulterated partisan bullshit!